The Evolution of Money: From Ancient Trade to Bitcoin

[The Cryptovator]

Do you know the history of money, how it's begun? Most of us may know, and a few may not know yet. We entered the digital and virtual money era as well; we can say that we have entered the era of Bitcoin. When every one of us should know the history of money, and then we can evaluate Bitcoin and how it's been making our lives easier, and we may realize the potential of Bitcoin.

Imagine how hard trading was when there wasn't any physical or virtual money. Money hasn't been static, and it's taken thousands of years to see our fiat money as well as Bitcoin; it's the result of thousands of years of monetary evaluation. In the earliest days when there was no money, peoples exchanged products with each other, like giving 10 kg of rice and getting 2 kg of meat. The difficulty is that both parties should need that, and it's become complicated to trade.

Then people start using commodity money, like trading 1 kg of salt or something similar. This means you can purchase something with that salt, and it will serve as a form of money. Then people start thinking that they need something that would help with easier trading, and the idea of metal coins comes out around 600 BCE and onward. Civilization starts adapting to those metal coins, and the idea of money backed by the government becomes stronger.

The next was gold-backed money, and now every country has their own fiat money. And finally, we have Bitcoin, which is one step ahead of the fiat money. Once we face some issues, then we move forward to develop the form of money. I am not sure how long Bitcoin will exist, but it does create a revolution. Bitcoin changes the idea of a form of money.

We have to accept this evolution of civilization; staying backdated doesn't make sense. Those who don't want to believe in Bitcoin should know the evolution of the form of money; Bitcoin isn't out of that. If something else comes out in another form of money, we probably should accept it. Newer technologies will continue to emerge, and we must stay current with the times. So for now, we have Bitcoin, and we should evaluate it.

[_act_]

Then people start thinking that they need something that would help with easier trading, and the idea of metal coins comes out around 600 BCE and onward. Civilization starts adapting to those metal coins, and the idea of money backed by the government becomes stronger.

But there is something that people are not talking about on this forum when they are talking about these metal coins. The first metal coins were minted around 600 BCE in the ancient kingdom of Lydia which is the modern day western Turkey. The name of the coin is called Electrum, a naturally occuring alloy of both gold and silver with little traces of other metals such as copper, platinum, and palladium.

Bitcoin Electrum wallet is called Electrum for a reason.

[Catenaccio]

Do you know the history of money, how it's begun? Most of us may know, and a few may not know yet. We entered the digital and virtual money era as well; we can say that we have entered the era of Bitcoin. When every one of us should know the history of money, and then we can evaluate Bitcoin and how it's been making our lives easier, and we may realize the potential of Bitcoin.

We have to accept this evolution of civilization; staying backdated doesn't make sense. Those who don't want to believe in Bitcoin should know the evolution of the form of money; Bitcoin isn't out of that. If something else comes out in another form of money, we probably should accept it. Newer technologies will continue to emerge, and we must stay current with the times. So for now, we have Bitcoin, and we should evaluate it.

Bitcoin has made revolution not only in monetary systems but also in accounting professional. Blockchain through Bitcoin appearance and great works from Satoshi Nakamoto and Cypherpunks as well as early contributors in Bitcoin communities globally have all together actually changed the world with a revolution in Accounting.
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